- Polkadot is currently trading at $4.63 with a rise of 0.01% in the 24 hours.
- Polkadot’s live market cap is $5747094839.
- Polkadot faced a massive decline of -10.85% in the last 7 days.
Introduction
Polkadot was launched in 2020, Polkadot is described as a layer-0 Blockchain that hosts an ecosystem of blockchains. Polkadot allows other blockchains to transfer messages, with value and shares their features while pooling their security. We can say that Polkadot is a scalable multi-chain technology. Polkadot is flexible because of its heterogeneous properties. Polkadot provides a foundation to support a decentralized web and to simplify the creation of new applications and services.
Trend Analysis
By studying historical price data, we can say that Polkadot is right now in a downtrend. The price is declined -10.85% in the last seven days and we can say that Polkadot is underperforming right now.
Polkadot Price Analysis
EMA: Polkadot Price is currently trading below the 200-day EMA and 50-day EMA on the daily time frame, which is a negative sign. Investors’ sentiments regarding Polkadot are negative and are on the selling side.
MACD: The other technical indicator MACD is also on the negative side and gives a bearish signal. The MACD line at -0.23 and signal line at -0.18 are below the zero line, suggesting the MACD is in negative territory and giving bearish signals.
RSI: The current value of RSI is 31.47 points and the 14 SMA line is currently below the median line around 35.98 points which shows bearish sentiment in the market. The fact that the 14 Day SMA line below the median could indicate a negative trend or bearish sentiment in the market as the price is currently at an oversold zone.
Stochastic RSI: In the stochastic RSI, the %d line is at 11.02 and the %k line is at 20.50a points. The %d line clearly indicates that RSI is in the overbought zone. on the other hand % k line shows negative sentiments regarding the price.
Volume Analysis: Polkadot trading volume of 24 hours is 104.871 million USD with 1.194B.
Technical levels-
Support – The current support level of Polkadot is $4.25.
Resistance –The current Resistance level of the Polkadot is $6.23.
Conclusion
Polkadot’s price presently shows a pessimistic scenario according to the near future. Major reliable indicators like EMA, RSI, and MACD are giving negative signals about the Polkadot coin and Investors also not showing any big buying interest and this could be happening because of the rapid negative performance of the coin.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
